Apex Consulting Corp. Adjusted Trial Balance November 30, 2014 Cash Accounts receivable Prepaid rent Computers. Accumulated depreciation, computers Machinery Accumulated depreciation, machinery.. Accounts payable Salaries payable Unearned consulting revenue Share capital Dividends Retained earnings Consulting revenue earned Depreciation expense, machinery. Depreciation expense, computers Salaries expense. Insurance expense Rent expense Advertising expense Food and drinks expense Repair expense Utilities expense Totals Debit Credit 257,483 58,608 1,100 24,500 3,550 19,200 150 73,000 2,550 14,400 229,500 12,600 46,000 24,752 150 550 17,000 600 100 800 211 500 500 393,902 393,902 F Debit 60,000 Cash Date Explanation 31/Oct Opening balance 1/Nov Issued shares 1/Nov Prepaid for rent 3/Nov Received payment for consulting in advance.. 5/Noy Earned and received consulting revenue. 10/Nov Received customer payment 13/Nov Paid for repairs to computers 23/Nov Paid for dinner with client 25/Nov Paid cash for salaries 28/Nov Paid for dinner with client 30/Nov Paid bill for utilities expense... 30/Nov Dividends. 30/Nov Paid for insurance expense 16,800 440 7,304 GJ1 GJ1 GJ1 GJ2 GJ2 GJ2 GJ3 GJ3 GJ3 GJ3 GJ4 GJ4 Account No. 101 Credit Balance 203,000 263,000 1,200 261,800 278,600 279,040 286,344 500 285,844 121 285,723 14,450 271,273 90 271,183 500 270,683 12,600 258,083 600 257,483 F Debit Accounts Receivable Date Explanation 31/Oct Opening balance 2/Nov Earned consulting revenue. 6/Nov Earned consulting revenue 10/Nov Received customer payment Account No. 106 Credit Balance 44,000 51.304 65.912 7,304 58,608 GJ1 GJ2 GJ2 7,304 14.608 Prepaid Rent Date Explanation 1/Nov Prepaid for rent 30/Nov To adjust for the expired portion of prepaid rent expense F GJ1 GJ5 Debit 1.200 Account No. 131 Credit Balance 1,200 100 1,100 Computers Explanation F Debit Date 31/Oct Account No. 151 Credit Balance 24,500 Opening balance F Debit Accumulated Depreciation, Computers Date Explanation 31/Oct Opening balance 30/Nov To record depreciation expense for November for the computers. Account No. 152 Credit Balance 3,000 550 3,550 GJ5 Machinery Explanation Date 3/Nov F GJ1 Debit 19,200 Account No. 169 Credit Balance 19.200 Received machinery. Accumulated Depreciation, Machinery Explanation To record depreciation expense for November for the machinery Date 30/Nov Debit F GJ5 Account No. 170 Credit Balance 150 150 F Debit Accounts Payable Date Explanation 31/Oct Opening balance... 3/Nov Received machinery. 20/Nov Received bill for utilities expense 26/Nov Received bill for advertising expense Paid bill for utilities expense GJ1 GJ2 GJ3 GJ3 Account No. 201 Credit Balance 53,000 19,200 72,200 500 72,700 800 73,500 73,000 30/Nov 500 Salaries Payable Explanation To recognize accrued salaries Date 30/Nov Debit F GJ5 Account No. 209 Credit Balance 2.550 2.550 Unearned Consulting Revenue Date Explanation 3/Nov Received payment for consulting in advance 30/Nov To recognize consulting revenue earned since advance F Debit GJ1 GJ5 2,400 Account No. 230 Credit Balance 16,800 16,800 14,400 Share Capital Explanation F Debit Date 31/Oct 1/Nov Opening balance Issued shares Account No. 301 Credit Balance 169,500 60,000 229,500 GJ1 F Debit Retained Earnings Date Explanation 31/Oct Opening balance. 30/Nov Close income summary to retained earnings. 30/Nov Close dividends to retained earnings Account No. 318 Credit Balance 46,000 4,341 50,341 37,741 GJ6 GJ6 12,600 Debit Date 30/Nov 30/Nov 30/Nov Income Summary Explanation Close revenues to income summary... Close expenses to income summary Close income summary to retained earnings. F GJ6 GJ6 GJG Account No. 901 Credit Balance 24.752 24.752 4,341 20.411 4,341 0 General Journal Date Account/Explanation 30/Nov Consulting Revenue Earned. Income Summary Close revenues to income summary Page GJ6 F Debit Credit 403 24,752 901 24,752 30/Nov Income Summary. 901 20,411 Depreciation Expense, Machinery. 603 Depreciation Expense, Computers 605 Salaries Expense... 622 Insurance Expense. 635 Rent Expense 640 Advertising Expense. 655 Food and Drinks Expense. 668 Repair Expense 684 Utilities Expense. 690 Close expenses to income summary 150 550 17,000 600 100 800 211 500 500 4,341 30/Nov Income Summary. 901 4,341 Retained Earnings. 318 Close income summary to retained earnings 30/Nov Retained Earnings. 318 12,600 Dividends 302 Close dividends to retained earnings 12,600 Part 8 [15 points] a) Prepare a post-closing trial balance at November 30, 2014. Apex Consulting Corp. Post-Closing Trial Balance November 30, 2014 Debit Credit Totals b) What is the next step in the accounting cycle? Prepare financial statements Prepare closing entries This is the last step Post transactions Prepare adjusting entries Prepare an adjusted trial balance Prepare an unadjusted trial balance Analyze and journalize transactions